18 unchanged sentences
The following table presents sensitivity gaps for these different intervals:
−Removed: At March 31, 2025
+Added: At June 30, 2025
(in thousands) 3 Mos.
39 unchanged sentences
(3) Based on contractual maturity.
−Removed: As of March 31, 2025, the Company is considered liability sensitive as exhibited by the gap table above and our net interest income sensitivity analysis.
+Added: As of June 30, 2025, the Company is considered liability sensitive as exhibited by the gap table above and our net interest income sensitivity analysis.
Changes in the mix of interest-earning assets or interest-bearing liabilities can either increase or decrease the net interest margin, without affecting interest rate sensitivity.
1 unchanged sentence
This characteristic is referred to as basis risk.
−Removed: Varying interest rate environments can create unexpected changes in
−Removed: prepayment levels of assets and liabilities that are not reflected in the interest rate sensitivity analysis.
−Removed: These prepayments may have a significant impact on our net interest margin.
+Added: Varying interest rate environments can create unexpected changes in prepayment levels of assets and liabilities that are not reflected in the interest rate sensitivity analysis.
+Added: These prepayments may have a
+Added: significant impact on our net interest margin.
Because of these factors, an interest sensitivity gap analysis may not provide an accurate assessment of our actual exposure to changes in interest rates.
−Removed: The estimated impact on our net interest income over a time horizon of one year and the change in net portfolio value as of March 31, 2025 and December 31, 2024 are provided in the table below.
+Added: The estimated impact on our net interest income over a time horizon of one year and the change in net portfolio value as of June 30, 2025 and December 31, 2024 are provided in the table below.
For the scenarios shown, the interest rate simulation assumes an instantaneous and parallel shift in market interest rates and no change in the composition or size of the balance sheet.
−Removed: At March 31, 2025 At December 31, 2024
+Added: At June 30, 2025 At December 31, 2024
Change in Interest Rates
15 unchanged sentences
(3) This percentage change represents the impact to the net present value of equity, assuming there is no change in the structure of the balance sheet.
−Removed: The changes in interest rate sensitivity between December 31, 2024 and March 31, 2025 reflected the impact of lower market interest rates, a slightly steepened yield curve and changes to overall balance sheet composition.
+Added: The changes in interest rate sensitivity between December 31, 2024 and June 30, 2025 reflected the impact of lower market interest rates, a steepened yield curve and changes to overall balance sheet composition.
Some of the assumptions made in the simulation model may not materialize and unanticipated events and circumstances will occur.
4 unchanged sentences
Reliance on secondary funding sources could increase the Company's overall cost of funding and reduce net interest income.
−Removed: As of March 31, 2025, the Company had available contingent liquidity of $5.5 billion which is equal to 91% of its total deposits and the level of uninsured deposits was 9% of total deposits.
+Added: As of June 30, 2025, the Company had available contingent liquidity of $5.4 billion which is equal to 92% of its total deposits and the level of uninsured deposits was 9% of total deposits.
The Company believes it has sufficient liquidity to meet its current needs.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.